Alston & Bird Consumer Finance ABstract

GSEs to Require Mortgage Servicers to Obtain and Maintain Fair Lending Data

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Mortgage Application

A&B Abstract: On August 10, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (the “GSEs”) will require mortgage servicers to obtain and maintain fair lending data on their loans, beginning March 1, 2023. That same day, Fannie Mae and Freddie Mac (the “GSEs”) each issued guidance implementing the FHFA announcement. FHFA and GSEs’ Announcements In its announcement, the FHFA indicated that Fannie Mae and Freddie Mac will require mortgage … [Continue reading] about GSEs to Require Mortgage Servicers to Obtain and Maintain Fair Lending Data

NMLS Seeks Comments on Proposed Revisions to Company and Individual Disclosure Questions

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A&B Abstract: The Nationwide Multistate Licensing System & Registry (NMLS) Policy Committee is inviting comments on the NMLS Disclosure Questions Proposal. The comment period is now open and runs until August 22. Among other revisions, the … [Continue reading] about NMLS Seeks Comments on Proposed Revisions to Company and Individual Disclosure Questions

Rhode Island Expands Lender Licensing for Retail Installment Contracts, Allows Remote MLO Work, and Makes Other Changes to Financial Institutions Laws

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Business People

Rhode Island made a number of amendments to financial institutions statutes with the passage of Senate Bill 2794 / House Bill 7781 Sub A. Changes include the scope of licensing requirements applicable to retail installment contracts and the … [Continue reading] about Rhode Island Expands Lender Licensing for Retail Installment Contracts, Allows Remote MLO Work, and Makes Other Changes to Financial Institutions Laws

Georgia Amends its Residential Mortgage and Installment Loan Laws

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State Capital

A&B Abstract: On May 2, 2022, Georgia Governor Brian Kemp signed HB 891 and SB 470 into law.  HB 891, effective July 1, 2022, updates various laws enforced by the Georgia Department of Banking and Finance (the “Department”) including, among … [Continue reading] about Georgia Amends its Residential Mortgage and Installment Loan Laws

Connecticut and Maryland Adopt Model Mortgage Servicer Prudential Standards

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Single family house on pile of money.

A&B Abstract: On May 24, 2022, Connecticut enacted legislation that, among other things, adds financial condition and corporate governance requirements for certain licensed mortgage servicers (the “CT Standards”). In similar fashion, the … [Continue reading] about Connecticut and Maryland Adopt Model Mortgage Servicer Prudential Standards